Twin River revealed the business took a step toward financial normality in the third quarter with revenue set to come in between $100m and $130m, as it announced plans to raise $125m, which may fund future acquisitions.The $100m in revenue for the three months ended 30 September would represent a 22.7% year-on-year decline, though a $130m figure would be a 0.5% improvement on the prior year.
Either figure, however, would represent a significant advance from the second quarter, when revenue fell to just $28.9m, as its properties closed for much of the period due to the novel coronavirus (Covid-19) pandemic.
Twin River’s earnings before interest, tax, depreciation and amortisation (EBITDA), meanwhile, appears in line with Q3 of 2019, falling between $30m (down 15.7%) and $40m (up 12.4%).
The business intends to raise the $125m through a private offering of senior unsecured notes.
